Posted by dewCO on December 11, 2000 at 23:01:58:
Only one I know of is to learn the PACTrust. Go to their site: www.cal-equity.com
how to structure overleveraged properties? - Posted by thamel (WA)
Posted by thamel (WA) on December 11, 2000 at 18:11:17:
Is it possible? I keep running into folks that owe more than the house will retail for, either through 125% loans, refinancing, or taking out a second that surpasses the house’s retail worth. Who knows if they’ve consolidated consumer debt that is unrelated to the house, in the form of a mortgage that has a lein against the house!
Any creative solutions out there?
Re: how to structure overleveraged properties? - Posted by Bud Branstetter
Posted by Bud Branstetter on December 12, 2000 at 10:39:47:
Don’t be afraid to ask for them to make partial payments or full payments for some time period. Even sell you other assets at a discount. The retail value can be subjective within limits. The appreciation rate it your area can affect your decision. But then be creative and walk away if you can’t get the deal you want. The Pactrust is one way of handling because you put off the sale to a future point. You may or may not depend on appeciation or equity buildup to resolve the situation.